Saffron Building Society unveils new and updated products

Jessica Nangle

January 27, 2021

Saffron Building Society has unveiled a raft of new and updated products to its range available exclusively to brokers.

This will be the biggest product update that the society has undertaken in some time.

There will be two new first-time buyer (FTB) 90% LTV products, with the 2-year and 5-year fixed rate products offering a 3.77% and 4.07% rate, respectively.

In addition, the society has removed the arrangement fee and offer free valuation to support those struggling with upfront costs.

The FTB products also benefit from the acceptance of gifted deposits – from a close family member – too.

Having re-entered the residential buy-to-let market in late 2020, Saffron are launching two new limited company buy-to-let products.

The 2-year and 5-year fixed rate mortgages, 2.87% and 3.47% respectively, offer an LTV of 75% to limited company purchases and remortgages.

In addition, Saffron is reducing the rate on its Everyday BTL 5-year fixed down to 3.47%.

These three new BTL products are all being offered with a reduced arrangement fee, for a limited time only.

For existing homeowners wishing to move home or remortgage, Saffron have unveiled two new 90% LTV mortgages.

As interest grows for higher LTV products for existing homeowners, the new products offer rates of 3.57% and 3.77% respectively and free valuation.

Tony Hall, interim head of mortgage sales at Saffron Building Society, said: “It is a pleasure to begin the new year with a tranche of new and updated products that not only expand our offering to intermediaries but have wider appeal to more clients as the market continues to shift in light of the pandemic.

“Our successful return to the 90% LTV FTB market in 2020 gave us the insight we needed to create a product that would offer those struggling with upfront finances a helping-hand on to the property ladder.

“Having re-entered the residential buy-to-let market at the end of 2020, we had always intended to return with a product for limited companies, and following feedback during our webinars with brokers, we decided now was the right time.

“These product launches continue to prove Saffron’s commitment to our network of brokers and ensure we remain competitive as a specialist lender too.”

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